| Dumdum |
Posted
on 18-Jun-01 12:44 AM
"Gyanendra brings wealth to the palace"
Nepal?s monarchy, long and famously short on cash, looks set
for change
Sankarshan Thakur
Kathmandu, June 17: One of the many allegations being hurled at
Gyanendra - and one that is, to a large extent, true - is that he
has too many business interests to be king. Mammon and monarchy
are not supposed to cohabit, the feeling goes. It?s a feeling
backed by two-odd centuries of practice in Nepal, where the Shah
Devs haven?t been noted for the vastness of their wealth.
Stories about the royal coffers are, in fact, stories of poverty
rather than plenty. Consider this: Crown Prince Dipendra was
downing his favourite Famous Grouse whisky on the night of the
Narainhity massacre; any aficionado will tell you it isn?t a brand
good enough to mix with blue blood.
?They are not terribly rich royals,? says one of the oldest
members of the privy council, ?They live rather ordinary lives
compared to some of the other royals. They sometimes have problems
keeping up their lifestyles but they are very modest people. There
are countless business families in Nepal richer than the roya
family.?
All that may change, however, now that Gyanendra has ascended to
the throne; indeed, Nepal may arguably have its wealthiest
monarchy in close to two centuries. The long years that Gyanendra
spent travelling the line parallel to that of direct accession
- Dipendra was to succeed Birendra - he invested in
conservation of nature and expansion of his businesses, both of
which he did rather well.
Before fate intervened to elevate him to the throne for the
second time in his life, he was, in fact, more an entrepreneur,
less a royal. Among his known and immediate business interests:
The Nepalese franchise for Tata trucks, the Himalaya tea estates
in the eastern province of Ilam, the Soaltee Oberoi hotel in
Kathmandu and Surya Tobacco, the most successful cigarette company
in Nepal which runs in collaboration with the ITC group.
As one Kathmandu businessman put it, the new king is ??one of the
most successful members of our community and he enjoyed doing what
he did. We have a king now who brings wealth to the palace rather
than takes from it.?
The royal house?s allowances from the public exchequer are
moderate. According to the last budget, the King received roughly
Rs 1 crore as personal expenses every year and the Crown Prince
one-tenth that sum. Princesses and lesser royals drew lesser.
Estimates of the personal wealth of the royals vary - that is the
realm of whispered society gossip, of secret Swiss bank accounts
and buried vaults full of jewels - but historically the Shah
Devs were never a very prosperous clan. What really hurt their
fortunes was being outflanked by the powerful Ranas in 1846. From
then on, right upto 1950, the Ranas were in command of Nepal and
of the financial benefits that came from ruling the Kathmandu
valley.
Probably the single most profitable venture for the Ranas was
their offer to help the forces of the East India Company lift the
siege of Lucknow during the revolt of 1857. Rana armies are
believed to have been given free hand to loot and plunder, which
they did with great diligence.The ?Lucknow Loot?, as it is called,
is still keeping the Rana nests well-lined.
Over time, of course, the Shah Devs devised a way of making the
Ranas part with some of their accumulated wealth: Repeatedly
intermarrying with them. Dowries from matrimonial alliances
with other royal houses in India -Patiala, Kapurthala, Jaipur,
Scindia, Sikar and others - also helped augment the Shah Devs?
wealth.
A lot of that money was invested in real estate that the royal
family still own. The Raniban-Nagarjuna and Gokarn tourist
resorts, for instance. King Birendra owned both and now the
properties go to King Gyanendra as his immediate successor. King
Gyanendra, in fact,appears to have been particularly lucky where
inheritance is concered: The Soaltee interests and the Himalaya
tea estates were bequeathed to him by his uncle, Himalaya Bir
Bikram Shah, who died without heirs.
Another major royal investment in real estate and business is the
Annapurna Hotel and Casino complex in the heart of Kathmandu, in
fact, overlooking the Narainhity Palace. Apart from being
priceless real estate, the Annapurna is also one of nepal?s most
prosperous hotels.
|
